|
INTERVIEW QUESTIONS
COMMERCE
ECONOMICS
DETAILS
Question: What is the difference between service industry and industry in economy?
Answer: Industry is a generic term, but is most commonly used as a substitute term for a manufacturer of goods such as Pepsi or Ford. The term industry can also be used to refer to a very specific group of companies.
The service industry is essentially non-good producing industries such as retail trade, wholesale trade, and the service industries. According to the U.S. Census Bureau, these companies make up 70% of the total economic activity in the United States. Good examples of the service industry include health care, hospitality & accommodations, and real estate. The financial and insurance sectors would also be included within the service industry.
In economic terms, the differences are essentially the same. This is obviously a little simplistic, but check out Google Finance or any financial site under the Sector Summary to see how each of the "industries" are broken down for the purpose of comparison and reporting.
|
|
|
Category |
Economics Interview Questions & Answers -
Exam Mode /
Learning Mode
|
Rating |
(0.2) By 9055 users |
Added on |
9/24/2014 |
Views |
71609 |
Rate it! |
|
|
Question:
What is the difference between service industry and industry in economy?
Answer:
Industry is a generic term, but is most commonly used as a substitute term for a manufacturer of goods such as Pepsi or Ford. The term industry can also be used to refer to a very specific group of companies.
The service industry is essentially non-good producing industries such as retail trade, wholesale trade, and the service industries. According to the U.S. Census Bureau, these companies make up 70% of the total economic activity in the United States. Good examples of the service industry include health care, hospitality & accommodations, and real estate. The financial and insurance sectors would also be included within the service industry.
In economic terms, the differences are essentially the same. This is obviously a little simplistic, but check out Google Finance or any financial site under the Sector Summary to see how each of the "industries" are broken down for the purpose of comparison and reporting. Source: CoolInterview.com
If you have the better answer, then send it to us. We will display your answer after the approval.
Rules to Post Answers in CoolInterview.com:-
- There should not be any Spelling Mistakes.
- There should not be any Gramatical Errors.
- Answers must not contain any bad words.
- Answers should not be the repeat of same answer, already approved.
- Answer should be complete in itself.
|
|
Related Questions |
View Answer |
|
What countries are the members of the OECD?
|
View Answer
|
|
What happens to unsold newspapers?
|
View Answer
|
|
What is social cost benefit analysis?
|
View Answer
|
|
What is an interest sensitive good?
|
View Answer
|
|
What are the capitalist countries in the world?
|
View Answer
|
|
How do trade barriers affect international trade?
|
View Answer
|
|
What is the importance of microeconomics in study of managerial economics?
|
View Answer
|
|
What are the advantages of capitalism?
|
View Answer
|
|
Why did the European Union make monetary unification?
|
View Answer
|
|
What is inflation?
|
View Answer
|
|
What is the difference between project proposal and project feasibility study?
|
View Answer
|
|
What is privatization?
|
View Answer
|
|
What is the impact on the economy if price ceiling or price floor were removed?
|
View Answer
|
|
What are the functions of price mechanism in a free market economy?
|
View Answer
|
|
What advantages might a socialist system have in responding to the needs of the poor?
|
View Answer
|
|
What are the steps in hypothesis testing?
|
View Answer
|
|
What are the differences between absolute advantage and comparative advantage?
|
View Answer
|
|
Why do prices tend to up?
|
View Answer
|
|
What are the advantages and disadvantages of both a fixed exchange rate regime and a flexible exchange rate regime?
|
View Answer
|
|
What is the advantage of mixed economy system?
|
View Answer
|
Please Note: We keep on updating better answers to this site. In case you are looking for Jobs, Pls Click Here Vyoms.com - Best Freshers & Experienced Jobs Website.
View All Economics Interview Questions & Answers - Exam Mode /
Learning Mode
|